Europe's only ultra-thin battery copper foil manufacturer completes long-term funding round for the second Phase of its investment in Hungary, expanding its production capacity
Press and NewsOn 10 June, Volta Energy Solutions Hungary Kft. (Volta), Europe’s only ultra-thin battery copper foil manufacture for electric vehicle (EV) batteries, signed a 5 years Syndicated Green Loan Facility in an amount of USD 200mn with a bank consortium led by Raiffeisen Bank Zrt., as bookrunner, including CIB Bank Zrt,, K&H Bank Zrt, UniCredit Bank Hungary Zrt. and Woori Bank (London and Europe) as Original lenders. Dentons Réczicza Law Firm was the lenders’ legal adviser, while Volta was represented by Kinstellar
This funding enables Volta, a subsidiary of Solus Advanced Materials in South Korea, which is one of the global leading producers of the battery copper foil, to complete its USD 310mn 2nd investment phase in Környe in north-western Hungary and to increase its battery copper foil capacity from 15 thousand ton per year to 38 thousand ton per year.
Ultra-thin Battery copper foil is a crucial component of the batteries of electric vehicles, the demand of which has been constantly rising over the past years. The project is also aligned with the goals of the Paris Agreement on limiting climate change and meets the requirements of the EU Taxonomy. To show the company's dedication to the circular economy and that the investment paves the way for a greener future, Volta’s Loan Framework has been verified in a Second Party Opinion by Moody’s ESG Solutions.
Keun Man Kwak, CFO Solus Advanced Materials: “We are delighted with our cooperation with valued syndication lenders, which marks another step forward in greening the economy and advancing e-mobility. We strongly believe this syndication will strengthen our growth strategy and contribute to accelerating the shift to EVs and a cleaner world for us all. We look forward to continued cooperation with local financial institutions as a committed long-term partner.”
Ferenc Kementzey, Deputy CEO, Raiffeisen Bank Zrt.: “We are happy to contribute to the success of Volta Energy Solutions Hungary by arranging a syndicate to finance its green investment in Hungary. RBI Group is a committed ESG partner of its clients and puts sustainability in front in its lending activity.”